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OPEC trying to punish US oil frackers: Kovacevich

Posted on 07 January 2015

The refusal by OPEC to cut production in the face of prices plunging to 5½-year lows shows the cartel is looking to put a lid on the U.S. fracking boom, former Wells Fargo Chairman and CEO Richard Kovacevich told CNBC on Tuesday.
U.S. crude prices were lower again in early Tuesday trading—below $49 a barrel at one point—following Monday’s 5 percent drop in New York to lows not seen since April 2009. The price collapse has been pressuring stocks, which saw the Dow Jones Industrial Average fall 331 points Monday, the worst session in three months………………………………………..Full Article: Source


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